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IBC Test Prep Review Pt 1

Quiz by NeKeisha King Price

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30 questions
Show answers
  • Q1
    What is a key difference between an S Corporation and a C Corporation?
    S Corporations are not allowed to issue shares.
    C Corporations can only have one owner.
    C Corporations are taxed only at the individual level.
    S Corporations avoid double taxation on corporate income.
    30s
  • Q2
    Which type of corporation can have an unlimited number of shareholders?
    Partnership
    S Corporation
    Limited Liability Company (LLC)
    C Corporation
    30s
  • Q3
    What is a restriction placed on S Corporations that does not apply to C Corporations?
    S Corporations can only have U.S. citizens or residents as shareholders.
    C Corporations must have a board of directors.
    C Corporations are limited to 50 shareholders.
    S Corporations cannot have employees.
    30s
  • Q4
    Which of the following is a requirement for an S Corporation?
    It must be registered in multiple states.
    It must be a publicly traded company.
    It can have only one type of stock.
    It must have 100 or fewer shareholders.
    30s
  • Q5
    What is a feature that distinguishes C Corporations from S Corporations?
    C Corporations are limited to 100 shareholders.
    C Corporations cannot have foreign shareholders.
    S Corporations pay corporate income tax.
    C Corporations can issue multiple classes of stock.
    30s
  • Q6
    Which of the following best describes the ownership structure of an S Corporation?
    It can have corporate shareholders.
    It is limited to individuals who are U.S. citizens or residents.
    It must have at least two owners.
    It allows foreign investors to hold shares.
    30s
  • Q7
    What tax advantage does an S Corporation have over a C Corporation?
    Income is not taxed at all.
    Income is taxed only at the individual level.
    Income is taxed at a lower rate than individuals.
    Income is taxed at both the corporate and individual levels.
    30s
  • Q8
    Which of the following statements about C Corporations is true?
    C Corporations must distribute all their profits to shareholders.
    C Corporations are limited to 75 shareholders.
    C Corporations do not need to file annual reports.
    C Corporations can sell shares to the public.
    30s
  • Q9
    What is the first stage of the Business Life Cycle?
    Decline
    Expansion

    Existence

    Maturity
    30s
  • Q10
    At what phase of the Business Life Cycle do companies commonly focus on innovation and new product development to sustain growth?
    Start-up
    Maturity
    Growth
    Decline
    30s
  • Q11
    In business, what does it mean to pivot?
    To reduce costs by cutting staff
    To change direction or strategy in response to market feedback
    To continue with the current plan despite failures
    To expand the business by entering new markets
    30s
  • Q12
    What is an example of perseverance in business?
    Completely abandoning a failing project
    Switching to a different industry entirely
    Continuing to improve a product after initial failures
    Increasing prices to improve revenue
    30s
  • Q13
    Which scenario best illustrates the need to pivot in a business?
    An entrepreneur decides to expand operations internationally without doing research.
    A business invests more in marketing before understanding customer needs.
    A startup learns that customers prefer a different feature than the one originally planned and decides to develop that feature instead.
    A company keeps selling the same product despite poor sales.
    30s
  • Q14
    What is a significant risk of not pivoting when market conditions change?
    It will always find a new way to succeed without change.
    Investors will always support the unchanged strategy.
    The business will automatically adapt and improve on its own.
    A business may continue to lose customers and market share.
    30s
  • Q15
    What is one main benefit of perseverance in business?
    Gaining immediate customer approval from the start.
    Easily avoiding all mistakes in the business process.
    Quickly making profits without effort.
    Building resilience and long-term success through overcoming challenges.
    30s

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